Savannah was established in 1733 by General James Oglethorpe as the first city in the colony of Georgia. Currently, with a population of around 405,000 in the metro area—which includes Chatham, Bryan, and Effingham counties—Savannah is the fourth most populous city in the state. With its prime location on the Savannah River and proximity to the Atlantic Ocean, Savannah served as a key port during both the American Revolution and Civil War. To this day, the city continues to be a thriving seaport community.
With its rich history, stunning natural beauty, and thriving culture and commerce, it’s no wonder so many people choose to live in the Savannah area. Similar to many other cities nationwide, the housing market in Savannah has become increasingly competitive over the past few years. Here are a few trends to note if you are hoping to call Savannah home in the near future.
Savannah is among the fastest growing cities in the state, adding more than 30,000 residents in the past 10 years, according to recent census data. It’s forecasted to grow by around 33,500 new residents by the year 2035.
According to the Federal Reserve Bank of St. Louis, Savannah has a GDP of nearly $22 million, which has grown 46% over the past 10 years. Key industries in the Savannah area include tourism, military and defense, manufacturing, healthcare, transportation, film and entertainment, and more. The employment growth rate is currently around 4%, with around 7,500 new jobs added to the market in the past year.
According to a report by Realtor.com, the median listing price for a home in Savannah (as of August 2022) is $335,000, with the median selling price being $315.000. The median listing price has trended upwards at a rate of around 19.8% year-over-year. Savannah is currently considered a seller’s market, with more people looking for homes than the number of homes available. Homes currently stay on the market for around 41 days, which is a slight decrease in comparison to 2021.
If you’re planning to move to the Savannah area and wish to explore your financing options, the professionals at Coastal Custom Mortgage are happy to help. Our team can help you find the right mortgage loan program for you and your unique financial goals. Contact us today to get started!